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Richard Copus
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Richard Copus
As I have mentioned before, the TPOS, Powys trading standards and their legal department are currently looking into the so-called modern method. Their main concerns are as follows: 1. The auctioneers/sub-agents taking instructions, whilst negotiating a low or no vendor's fee are not making it clear that such a high buyer's premium will adversely affect to a material degree the amount a buyer is prepared to pay for the property and they will receive less than they would do with none or a nominal buyer's admin charge payable as is traditionally the case; 2. The auctioneers/sub agents are not making it clear that some would-be bidders will not participate in auctions with high buyer's fees (see blogs online to see what people really think about this and their reactions) which means that there will often be fewer bidders resulting in a lower price being obtained and that the property is less likely to reach the reserve price. 3. They are concerned that the non-refundable buyer's fee is extortionate in many cases and is clearly high to pay for the non-auctioneer sub-agents who often carry out all the marketing. 4. They are concerned that buyers feel forced into paying these high premiums or they will lose the property they have set their hearts on. So far, there would appear to be no contractual bar to what "modern" method are doing. However, from a practice viewpoint it is clear that (1) and (2) above are not being complied with in most cases when taking instructions which is a breach of the Provision of Information Regulations and they are looking at whether the amount of the buyer's premiums should be reduced to a more fair and acceptable level. If there are any solicitors reading this, please could you get in touch with me via Estate Agent Today. PS: Property Pundit: There's nothing wrong with online auctions, we all do it, just the way it is being done. Conditional auctions run alongside Traditional auctions all the time, it is just the way the "modern" method (which should more accurately be called the "alternative" method) runs which is in question. The elephant in the room is: Why do Modern Method auctioneers need to get others to gain their instructions when traditional auctioneers have no problem doing it themselves?

From: Richard Copus 27 February 2019 10:14 AM

Richard Copus

From: Richard Copus 07 November 2016 09:51 AM

Richard Copus

From: Richard Copus 01 October 2015 09:47 AM

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